April 4, 2012
Advanced Explorations Inc. (TSX-V: AXI; OTC: ADEXF) announced that it has entered into an agreement with the Government of Nunavut to advance research on alternative energy sources for use in northern Canada. The Company continues to study energy sources for use at its Roche Bay and Tuktu iron ore projects located on the east coast of the Melville Peninsula, in Nunavut, Canada. The Company believes the application of alternative energy sources can supply power and reduce its operating costs for the future mine and allow potential production expansions.
In the release, John Gingerich, President & CEO stated: “The implementation of a sustainable, reliable and cost-effective power source for Canada’s North is the key to unlocking its true value and to facilitate economic and social development at a broader scale. We are very pleased to work together with the Government of Nunavut in moving forward with this vision. Our team has successfully worked on implementing a plan for an alternative power solution, and we believe that the potential savings in capital and operating cost or our mining projects will play a key part on our way to becoming a cost-competitive producer in the iron ore space”.
March 22, 2012
Advanced Explorations (OTC Other: ADEXF; TSX-V: AXI) has decided to expand the scope of its development scenario to support a possible potential start-up of approximately 8 million tonnes per annum (Mpta) with a longer term regional production target of up to 20 Mtpa. In particular core infrastructure would become immediately strained if additional production from Tuktu or the A-B Zone were to occur. A major portion of the technical evaluations have been completed through the ongoing feasibility study (FS) and technical studies completed by XinXing Ductile Iron Pipes Co. Ltd. (XDIP). The proposed re-scoping will include adjustments to the ongoing study to accommodate the targeted higher production rate. It does not necessarily impact the C-Zone initial mine plan with production currently to supply 5 Mtpa. This move should allow the Company to further benefit from lower operating costs through better capital/infrastructure leverage, given the number of development options associated with the Roche Bay and Tuktu projects.
March 19, 2012
Advanced Explorations (OTC Other: ADEXF; TSX-V: AXI) will play a role in advancing Canada’s newest and most exciting Nickel-copper district. The discovery of significant Nickel-Copper and Copper-Silver-Gold mineralization on the western side of the Melville Peninsula was announced in late 2011. A minimum of five zones of nickel-copper mineralization were identified, with better assay values of 0.86% Ni, 0.59% Cu, 0.04% Co and 0.40% Ni, 0.19% Cu, 0.04% Co, and one zone of high grade copper-silver-gold mineralization returned assays of 1.93% Cu, 33 g/t Ag, 0.35 g/t Au and 1.06% Cu, 18.8 g/t Ag, 0.14 g/t Au.
According to John Gingerich, President & CEO, “Seldom do junior exploration companies have an opportunity to participate in the discovery of a new mineral province; we believe the nickel-copper discoveries on the western Melville Peninsula represent the first significant nickel discovery in Canada since Voisey’s Bay and are very excited about the potential to discover world class nickel-copper orebodies. The Company has a significant land position, have an experienced team and are well positioned to pursue this opportunity while maintaining our focus on the development of our iron projects.”
March 13, 2012
Advanced Explorations (OTC Other: ADEXF; TSX-V: AXI) has completed a $5 million convertible debt financing with strategic partner XinXing Ductile Iron Pipes and its wholly owned Hong Kong based subsidiary XinXing Pipes. The debenture is non-interest bearing, has a term of 24 months maturing March 2, 2014, and is convertible into common shares at no less than $0.45 per common share.
March 8, 2012
Advanced Explorations (OTC Other: ADEXF; TSX-V: AXI) has filed its updated NI 43-101 resource estimate on Roche Bay on Sedar (www.sedar.com). Per the Company’s January 17th press release, below are highlights from the update:
- The resource estimate now includes 501 million tonnes in the Indicated category averaging 26.35% total iron (25.67 % magnetic iron) at a 20% iron cut-off grade.
- A further 66 million tonnes averaging 26.37% total iron (25.72 % magnetic iron) at a 20% iron cut-off remains in the Inferred category.
- In comparison to the previous resource estimate (as press released April 06, 2011) the Indicated resource has increased by approximately 55%.
March 2, 2012
Advanced Explorations Inc. (TSX-V: AXI; OTC Other: ADEXF) announced today that it has received US$5,000,000 from its strategic partner XinXing Ductile Iron Pipes Co. Ltd. as part of its Convertible Debenture Financing (as press released October 31th, 2011 and January 10th, 2012). The 24-month debenture is interest free to AEI and is convertible by XDIP at a minimum price of $0.45 per share. The closing of the Financing remains subject to acceptance by the TSX Venture Exchange.
In the release, John Gingerich, President & CEO for Advanced commented: “We are very pleased with the diligent efforts of our partner to work through the approval process in China and bringing this financing to a close. Our focus remains on completing the feasibility study for our Roche Bay Project and to move this asset forward to production.”
AXI shares are up nicely today on much higher than average volume. We fully expect this project to recieve even more attention as they march towards the completion of their feasiblity study and this massive project moves closer to iron production.
February 28, 2012
Advanced Explorations Inc. (TSX-V: AXI; OTC Other: ADEXF) announced today an update on the development of its iron ore assets in Nunavut. As per AEI’s Framework Agreement with XinXing Pipes Group (“XXP”) the Company is in the process of restructuring its holdings to facilitate the assignment of its interests in the East Melville iron ore assets into a new enterprise controlled by AEI. The details of the enterprise structure will be announced once a preferred structure is approved by the Board of Directors of the AEI.
In the release, John Gingerich, President & CEO commented: “We are very pleased with the progress on all our Nunavut properties. Not “We are very pleased with the progress on all our Nunavut properties. Not only do we have our flagship Roche Bay Project moving towards production, both Tuktu and our Ni-Cu projects have potential to be standalone company makers. The Company’s restructuring plans will lay the foundation for maximizing shareholder value in anticipation of this year’s developments.”